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Daily Archives: October 19, 2009
David Einhorn, the hedge fund manager who is most famous for shorting Lehman Brothers before its collapse, was talking at the Value Investing Congress in New York today.
Mr Einhorn talked about his reasoning for buying gold as a hedge against future inflation, and went into the reasons to be wary not only of the dollar but of currencies including the yen and sterling. Making a choice among them was like choosing between different forms of dental treatment, he said.
What strikes me about the arrest of Raj Rajaratnam on charges of insider trading is the light it sheds on how many organisations surrounding big companies are given access to inside information about their financial performance.
In Mr Rajaratnam’s case, he is alleged to have traded about a number of companies, including Google, IBM and Sun Microsystems, on the basis of inside information supplied to him by a range of management consultants, investors, credit ratings analysts and others.
A reader points out that, according to the software numbering system Microsoft itself uses, Windows 7 is really Windows 6 rather than, as I calculated, Windows 8.